In a move towards enhanced user convenience, IMPS (Immediate Payment Service) transactions are set to undergo significant simplifications starting February 1, 2024.
The revamped rules aim to streamline the process, making money transfers more straightforward.
The key change involves enabling fund transfers solely through the beneficiary’s registered mobile number and name, eliminating the need for cumbersome details like IFSC code, bank account number, and beneficiary name.
Efficient Money Transfers with Mobile Number and Name
Under the current IMPS regulations, transferring substantial amounts requires entering intricate details such as the beneficiary’s name, bank account number, and IFSC code, a process that consumes time.
However, with the impending rule change, money transfers up to Rs 5 lakh can be effortlessly executed using only the beneficiary’s mobile number and the name associated with their bank account.
This transformation aims to expedite transactions and eliminate the need for extensive beneficiary details.
24×7 Instant Money Transfer Facilitation with IMPS
IMPS, recognized as one of the most widely used methods for money transfer, offers a 24×7 instant money transfer facility through various channels, including Internet Banking, Mobile Banking App, Bank Branches, ATM, SMS, and IVRS.
Currently, IMPS processes transactions through P2A (Account + IFSC) or P2P (Mobile Number + MMID) transfer modes.
With the imminent rule change, the transaction process will be further simplified, requiring only the beneficiary’s mobile number and bank name.
Stay tuned for a more efficient and hassle-free IMPS experience starting February 1, 2024!
